No fragrant balloons or devices adapted for the combined purposes of sealing balloons and permitting the emission of fragrances are known to applicant. Most balloon valves heretofore, whether of the two-piece or one-piece variety, have been of the kind that are inserted into the neck of a balloon, or, more precisely, of the type that requires the usually rather small opening of the balloon to be stretched over the outer body of the valve assembly. In the two-piece variety, sealing is then effected by the insertion of a slidable member such as a plug valve or cap into the receptacle of the valve assembly interior to the balloon neck. In the one-piece variety, the valve means is rigidly attached to the interior portion of the valve assembly, which is usually small enough to be easily swallowed by a child. In the two-piece variety, slidable members such as plug valves, caps and the like have the dual disadvantages of being both small enough to be easily swallowed by children and having the tendency to pop out if the balloons are subjected to a sudden increase in pressure. Additionally, there being merely a frictional engagement between the balloon and the valve assembly itself, the entire valve assembly has a tendency to pop loose from its frictional engagement with the neck of the balloon when subjected to increases in pressure, and, being relatively only little larger than the slidable member, the entire valve assembly is easily swallowed by a child. In addition, neither variety has the means to safely encapsulate a fragrance-carrying medium.